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Fly News Breaks for January 10, 2017
PGR
Jan 10, 2017 | 08:18 EDT
Goldman analyst Michael Nannizzi upgraded Progressive to Neutral and raised its price target to $34 from $29. The analyst believes Progressive's business model is strategically well-positioned to benefit from a lower tax environment, while the low duration portfolio will also support earnings through investment income if yields continue to increase, but said premium valuation keeps him on the sidelines.
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